The company said it has implemented a cost-saving plan, streamlined operations, and exited loss-making ventures. Additionally, AssetCo has proposed a share split to better reflect its economic interest in Parmenion and plans to change its name to River Global PLC.

Despite a total loss of £3.0m for the period, the company is optimistic about future growth, with positive new business flows expected and the acquisition of Ocean Dial Asset Management adding to its revenue stream.

Martin Gilbert, chairman of AssetCo, commented: “The six months to end March 2024 has been a pivotal one in our journey towards profitability and cash generation.

“The work done in simplifying our business by consolidating equity asset management activities and exiting loss making and complex early stage businesses has helped clear a pathway towards profitability which, with continued hard work and effective execution of our cost saving plan, is starting to look eminently achievable.

“There remains a dependency on stable revenues but, in that context, it is particularly pleasing to note a couple of substantive and notable wins in UK equities with, finally, some tentative signs of improvement in market sentiment towards the asset class.”

Mr Gilbert continued: “I am also pleased to confirm that we are in advanced discussions to partner with two organisations to leverage our expertise and infrastructure to mutual benefit.

“These potential joint ventures are quite different (one working with an established overseas wealth manager and one bringing a leading global fund manager to market) but both would utilise our established infrastructure to facilitate additional growth.

“Assets under management are expected to be significant at an early stage and, while initial revenues to the group are reduced reflecting the role we play in each case, the additional scale and future opportunities are attractive as is the opportunity to work with high calibre individuals and businesses.”

He concluded: “Continuing revenues for the six months ended 31 March 2024 of £6.9m (31 March 2023 Restated: £7.1m) have held up relatively well in a turbulent period and the business, while still loss-making, has demonstrated real progress towards profitability, making excellent progress in cost cutting since last year.”